The Beginnings of Nigerian Naira The naira is Nigeria’s national currency. It’s issued by the Central Bank of Nigeria, the only issuer of legal tender money throughout the territory. The Nigerian naira made its debut in 1973. It replaced the Nigerian pound, becoming the first one issued by an independent Nigeria. It’s worth noting that it took Nigeria a bit longer than other former British colonies to abandon the pound currency system for the decimal one. Despite its late start to...
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The Beginnings of Nigerian Naira

The naira is Nigeria’s national currency. It’s issued by the Central Bank of Nigeria, the only issuer of legal tender money throughout the territory. The Nigerian naira made its debut in 1973. It replaced the Nigerian pound, becoming the first one issued by an independent Nigeria. It’s worth noting that it took Nigeria a bit longer than other former British colonies to abandon the pound currency system for the decimal one. Despite its late start to modernization, the country has jumped into the new era full-force by releasing a digital version of the currency, the eNaira, in 2021!

The Nigerian naira currently comes in 11 denominations. Eight of them are banknotes, while three are coins. The banknotes include 5, 10, 20, 50, 100, 200, 500, and 1000 naira. When the coins are in question, you’ll find a 50kobo coin and 1 and 2 naira coins. The Nigerian naira isn’t the most popular currency outside of the region. While it does get some attention in Africa, it doesn’t hold much power outside its borders.

How to Fund Your Casino Account With Nigerian Naira

how-to-fund-your-casino-account-with-nigerian-naira

Many Nigerian citizens enjoy online casinos. The good news is, they can be accommodated in hundreds of sites with worldwide reach! Since online gambling is pretty popular in the region, several payment options include support for the Nigerian naira. Players can use these methods to safely deposit in the online casino of their choice and enjoy a few extra perks while they’re at it! If you’re wondering which payment options suit Nigerian naira players best, here are the top five picks:

  • VISA: VISA is undoubtedly the most widespread bank card globally. The payment option has been around for decades, and it’s established itself as a reliable and secure method for all types of banking. As expected, VISA is a popular option in tons of online casinos, so it gives users access to a plethora of options! Unfortunately, VISA can fall a bit short compared to some modern payment methods. Mainly, the processing times it offers for transactions are longer than most.
  • MasterCard: MasterCard is another exceptional bank card that’s well-established across all corners of the world. Like VISA, it gives players access to some of the best online gambling venues out there, making it an excellent choice for newbies that are exploring their options. It’s reliable, safe, and secure. The downside of using MasterCard is similar to that of VISA. Since bank cards aren’t the most modern payment methods, they fall short when processing times come up.
  • OPay: OPay might be a relatively new addition to the Nigerian market, but the service is growing at an incredible rate! The eWallet isn’t available in too many betting sites just yet, but it’s used in all fields of life. While it might be a bit hard to find a casino that accepts OPay, it’s worth the trouble! The service comes with no fees, and it offers lightning-quick transactions! On top of this, players usually get a 10% discount for different transactions just for using the service.
  • Quickteller: Quickteller is a unique payment option currently thriving in Nigeria. People use it often for all kinds of transactions, including ones at online casinos! The service can be used in two ways. Users can pay through Quickteller using their bank card or try the QR Code transaction method. The latter requires a mobile banking app and grants user’s better anonymity! In any case, the service does come with a hefty fee. It’s good to keep this in mind before proceeding.
  • BankTransfer: Although there are plenty of excellent payment services available to Nigerian players in online casinos, many still choose the traditional bank transfer Thankfully, this is much more convenient these days through internet banking! A big pro of using this method is the availability. Most gambling sites accept bank transfers, so it’s easy to find a casino up to your standards. Unfortunately, there are some cons to it too. Bank transfers often have hefty fees attached, and their payment processing times are slow.

Are Nigerian Naira Accepting Casinos Legal?

are-nigerian-naira-accepting-casinos-legal

Nigeria is in one of the most unique situations with online gambling. The country has no laws against online gambling, so players are free to play on international betting sites if they choose to do so. What makes this entire ordeal interesting is that the country does have a Commission that issues licenses in place, but it has no licensed venues as of yet! When the Commission launched in 2013, it introduced an online casino that exclusively featured Roulette. The strange thing is, the site was only available for a few months before it shut down.

Looking at the state of gambling in the country, players might get a bit confused. With land-based gambling, there are many regulated casinos and lotteries. On the online side of things, there have been no updates since the government’s Roulette online casino shut down. Hopefully, the country utilizes their Commission and gives players something to look forward to. Until then, Nigerian casino fans are free to try their luck with reputable foreign operators.

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